Note: This article is courtesy of Iris.xyz
By Brad Sherman
We live in a fascinating time. The biggest wealth transfer in history is beginning, as Millennials will soon become the wealth bearing demographic in this county. Not surprisingly, as we pointed out in a recent blog post, personal finance is a huge issue for many Millennials. But where can a Millennial turn for advice?
Goals, dreams, jobs, family plans, etc. are going to vary widely, but there a few common themes that seem relevant across the spectrum. We constantly write on many of these issues, so decided to summarize the topics for you and answer some of those nagging questions.
Getting started is often the hardest part
Beginning a savings plan early is key, which makes planning all the more important. We constantly preach the importance of determining your short, intermediate and long term goals and then focusing on creating a plan on how to achieve them. Having the “money conversation” is a great way to get started. Remember, it’s not how much you make, but how much you save. Read more here on getting started with the money conversation.
A common financial hurdle for many millennials is navigating student loans. So how do you determine if your focus should be on accelerating the payoff of that debt or maximizing saving instead? We wrote about that here.
Only 26 percent of people under age 30 own stocks, according to a CNBC story. Time is one of the greatest assets Millennials have working in their favor. Yet because of various reasons that have scared many away from the stock market, a vast majority of millennials are missing out on potential compound interest, and other benefits of long term investing. Fear and lack of financial comfort or literacy are two main reasons Millennials shy away from investing. I even responded to a Millennial’s letter to CNBC here. If you are unsure about some of the reasons you may want to consider exploring the stock market, read our blog on why Millennials should wake up and smell the stock market.
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